There is a new reality emerging for home buyers and sellers in Greater Victoria that is sure to benefit potential purchasers. For the first time since 2015, the capital region has entered a buyers market, according to the Victoria Real Estate Board. That means the number of homes available for sale is now greater than the number of active buyers, giving prospective purchasers more choice and potentially more room to negotiate. The change is already showing up on the ground. Nine days ago, Charlie DePape with Royal LePage listed a two bedroom, two bathroom, 1,500 square foot rancher in Saanich for $939,000. After a week on the market, the showing traffic was less than expected and the asking price was reduced to $899,000. “We left it there for a week although the showing traffic was a little underwhelming,” DePape said. For DePape, the change in buyer behaviour has been noticeable for months. “I think we’re in a buyers market and I think we have enough evidence now to see that,” he said. “I felt it in August.” Fergus Kyne, chair of the Victoria Real Estate Board, says September marked a significant change in the region. “What we saw in September is that we entered for the first time since 2015 what we call a buyers market,” Kyne said. There were 3,811 active listings across the capital region at the end of September. At the same time, sales were slowing. September sales were about 20 per cent lower than in August, while sales were about 16 per cent lower than September 2025, according to Kyne. For sellers, more inventory means more competition for the attention of buyers. That can make everything from a home’s presentation to the asking price more important. Sellers may also need to be more flexible on closing terms to make their properties stand out. DePape says sellers need to make sure their homes are positioned correctly from the outset. “The big thing with a buyers market is that you just have to make sure that your pricing is on-point,” he said. He says a lack of interest can be an early indication that a property is not priced appropriately for current market conditions. For buyers, the change offers something that has been harder to come by in recent years: time. With more properties available, purchasers can compare multiple homes, take their time before making an offer and potentially negotiate more favourable terms without the same pressure created by bidding wars. “Historically inventory has been the thing that has been in short supply which makes things quite exciting right now because there is more inventory than there has been in quite some time,” DePape said. But whether the shift represents a temporary change or the beginning of a longer trend remains unclear. “It’s a little too soon to know if this is a trend that will continue but this is something that we have certainly noticed,” Kyne said. The Victoria Real Estate Board will continue monitoring sales and listings to determine whether the buyers market continues into 2027. For now, Greater Victoria’s housing market is offering buyers something they have not had in abundance for years: choice. And for sellers, it is a market where pricing right and making a home stand out could make all the difference.
